Commonwealth Bank of Australia (CBA) has completed the sale of its general insurance business, Commonwealth Insurance (CommInsure), to Hollard Holdings Australia (HHA).
“The sale completion represents an important milestone in CBA’s strategy to deliver differentiated customer propositions and the best integrated digital experiences,” CBA CEO Matt Comyn said. “With our partner Hollard, we will bring together CBA’s number one mobile banking app and Australia’s largest branch network with Hollard’s innovative insurance products and enhanced claims technologies, to anticipate and meet the changing needs of our customers.”
The deal, announced in June 2021, is expected to deliver a pro forma uplift to the group’s Common Equity Tier 1 (CET1) ratio of approximately nine basis points on an Australian Prudential Regulation Authority basis, based on the group’s risk weighted assets as of June 30.
